EBRD loans USD 40 mln to Kulczyk’s KUB-Gas subsidiary

The European Bank for Reconstruction and Development granted KUB-Gas LLC, 70% controlled by  Kulczyk Oil Ventures (WSE: KOV PW), a loan of USD 40 mln, according to Interfax yesterday. The company plans to invest the funds into developing its gas fields in Luhansk regions by 2013; drilling is scheduled for end 2011. In 1Q11, Kulczyk’s daily gas production increased by 5.3% q-o-q and averaged 6,040 Mcf. Kulczyk acquired an effective 70% interest in KUB-Gas LLC in June 2010, a 30% stake is controlled by American Gastek LLC.